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Ark-La-Tex Energy Sells East Texas Oil and Gas Properties to Sojitz Energy Venture

Mon, 10 Sep 2007, 14:30:00 EDT

Edited by Carly Zander

HOUSTON, Texas - Sept. 10 (SEND2PRESS NEWSWIRE) -- Lantana Oil & Gas Partners announced today that Ark-La-Tex Energy, LLC and its partners, including Pinkston Resources, have sold a package of oil and gas producing properties to Sojitz Energy Venture, Inc., an affiliate of Tokyo-based Sojitz Corporation, for approximately $79 Million US.

The properties consist of approximately 6,400 acres located in Panola, Rusk and Harrison counties, Texas and included twenty-six (26) producing wells with gross production of 6.0 MMCFD. Fields include South Carthage Field (Panola County), Minden and Shiloh Fields (Rusk County) and Blocker Field (Harrison County).

This acquisition is the first onshore East Texas deal done by a Japanese company. Prior to this deal, Sojitz Energy has been an active player in the Gulf of Mexico, North Sea, Qatar, Egypt and Brazil.

Ark-La-Tex Energy is an E&P company based in Shreveport, Louisiana with a focus on East Texas and North Louisiana. Ark-La-Tex's founder and President, Mike Boudreaux, has spent his career drilling and producing wells in various states and basins, but has spent the last 17 years focused on the Cotton Valley and Travis Peak of East Texas and North Louisiana.

Divestment advisory services for the Ark-La-Tex Energy deal were provided by Lantana Oil & Gas Partners. Ark-La-Tex and Lantana will be marketing another package of gas producing properties in early September (9,200 acres / 5.0 MMCFD and 54 BOPD / 26 producers / 224 locations / Nacogdoches, Cherokee, Harrison counties, Texas / Caddo Parish, LA). Contact Lantana Oil & Gas Partners for more details (713) 426-9001.

Lantana Oil & Gas Partners is a leading oil and gas asset divestiture firm based in Houston, Texas. More information: www.lantanaoilandgas.com.

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